A Sydney man has been charged with fraud offences after posing as a financial advisor and fleecing elderly Australians out of $750,000.
Detectives launched an investigation late last year in to the activities of a
Woollahra-based finance and investment company which had been de-registered.
It followed a reports from three people, all aged over 70, who claim they lost large amounts of money they had given the company for investment purposes.
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The money was their life savings.
Police will allege the man used the funds for gambling
On Tuesday, police executed a search warrant at a home on Old South Head Road, Vaucluse, seizing numerous documents and arresting a 34-year-old man.
The man, who was the sole director of the investment company, was taken to Kings Cross Police Station where he was charged with three counts of dishonestly obtain financial advantage by deception.
He was refused bail to appear at Central Local Court today.
Detectives are still asking anyone with information to assist them to come forward as investigations continue.